Ogden Creates $ 758,000 Fund to Help Companies Still Affected by a Pandemic | News, sports, jobs

Photo of the Standard Examiner File

The undated photo shows the Ogden City Council building.

OGDEN – Companies affected by the ongoing effects of the COVID-19 pandemic have a new source of funding to get help.

Sara Stoffers of the Ogden Business Information Center says possible uses could be to raise workers’ wages and help eligible companies cope with rising operating costs caused by inflation.

Ogden City Council on Tuesday approved the establishment of the Business Recovery Fund, creating a pool of funds – $ 757,683 – that certain businesses can draw on for help in the form of loans, potentially forgivable loans in certain circumstances.

“This is another cash tranche and a brand new program,” said Stoffers, who runs the Ogden Business Information Center, the municipal facility that operates a range of loan programs for local businesses.

Ogden, Weber County, and the county’s other cities have already received an additional $ 140 million annually Federal government funding for the American Rescue Plan Act and the CARES Act is also set to help recover from the COVID-19 pandemic and its effects. Now the money comes from the Business Recovery Fund, which is provided by the US Department of Housing and Urban Development through the CARES Act.

Business Recovery Fund money is aimed at small businesses with five or fewer employees run by low-income owners. But other companies that want to create or keep jobs can also benefit from it. The common thread is that the funds must be used to deal with the aftermath of the COVID-19 pandemic.

“As long as I can lean back on COVID, the only thing that matters is,” said Stoffers.

She said the funds could potentially be used to raise workers’ wages to help businesses in need of workers. Many workers have left the job market due to the pandemic, making it difficult for some employers to find employees. The funds could also be used to help businesses offset rising cost of goods caused by rising inflation, which is also linked to the pandemic.

Program participants can obtain loans of $ 5,000 to $ 90,000, and if recipients are looking at the top end of the range, 10 to 15 companies could get help. The eligibility requirements are flexible and, according to Stoffers, some loans could be forgivable depending on the business situation.

It expects funds to be exhausted by early 2023, but the city has until April 24, 2027 to provide the funds.

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